UBS names Sergio Ermotti as its new Group CEO, following acquisition deal of Credit score Suisse

UBS named Sergio Ermotti as its new Group CEO on Wednesday, following the current acquisition deal of Credit score Suisse.

The present CEO Ralph Hamers is ready to stay at UBS and work alongside Sergio P. Ermotti to advise the financial institution throughout a transition interval “guarantee a profitable closure of the transaction and a easy hand-over,” the corporate mentioned in a press release.

“The Board needs to specific its deep gratitude to Ralph Hamers for his excellent management, steering UBS to document leads to two successive years, and for his instrumental function in bringing in regards to the Credit score Suisse acquisition,” the Swiss financial institution mentioned.

The management change comes “in mild of the brand new challenges and priorities going through UBS after the announcement of the acquisition,” UBS mentioned Hamers reportedly advised workers of the government-orchestrated takeover that UBS “didn’t purchase Credit score Suisse solely to shut it,” Reuters reported.

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